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Professional Diversity Network, Inc. (IPDN) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Professional Diversity Network, Inc.

CIK: 1546296 Ticker: IPDN
Exhibit 99.1
Professional Diversity Network, Inc. Announces its 2014 Financial Results
 
CHICAGO, March 31, 2015 (GLOBE NEWSWIRE) --
Professional Diversity Network, Inc. (NASDAQ:IPDN), (“PDN”) a developer and operator of online networks that provide access to employment opportunities for diverse professionals in the United States, announced today its fiscal year-end financial results for the year ended December 31, 2014.
 
Highlights include:
 
 
·
Revenue booked increased from $1.5M in 4Q2013 to $8.3M in 4Q2014
 
 
·
Unaudited revenue booked in 1Q2015 increased to $11.2M from $1.6M in 1Q2014
 
 
·
218,000 new PDN-specific registrations in March 2015 versus 37,000 in March 2014
 
2014 Year-End Financial Results
 
For the year ended December 31, 2014, PDN reported total revenue of $11,643,731, a 189% increase from the year ended December 31, 2013, attributable primarily to the integration of NAPW and Noble Voice and the increase in PDN direct sales. Total revenue for the fourth quarter of 2014 was $7,798,410, compared to $1,158,632 in the same period one year prior.
 
Total operating expenditures during 2014 increased from $6,044,999 to $17,241,301. For the quarter ended December 31, 2014, total operating expenditures were $11,469,128, an increase of $9,440,245 from $2,028,883 in the fourth quarter of 2013, primarily attributable to the merger with NAPW and acquisition of Noble Voice.
 
PDN reported a comprehensive loss for the year ended December 31, 2014 of $3,658,076 or $0.46 per share - compared to a comprehensive loss of $1,436,387, or $0.23 per share, in the year prior. Comprehensive loss for the quarter ended December 31, 2014 was $1,966,346 - compared to a comprehensive loss in the same period of the prior year of $540,766.

Total stockholders’ equity at December 31, 2014 was $53,642,022, a decrease of $1,451,450 or 2.6% lower than the $55,093,472 at September 30, 2014.
 
Loss from operations during 2014 was $5,597,570 compared to a loss of $2,010,355 in the prior year, representing a 178% increase. During the fourth quarter of 2014, loss from operations was $3,670,718, compared to a loss of $870,251 during the same period one-year prior.
 
As of December 31, 2014 the Company had $6,718,345 in cash and short term investments and $11,844,718 in current assets, which represents a decrease of $8,208,983 in current assets from the prior year ended December 31, 2013, due to the merger with NAPW and the acquisition of Noble Voice, including transaction-related professional fees.  Accounts receivable as of December 31, 2014 was $3,448,748, 183% more than the $1,218,112 which PDN reported at the end of 2013. Total assets for the period were $74,592,472, an increase of $52,572,275 from $22,020,197 that PDN reported during for the year December 31, 2013, largely attributable to the merger with NAPW and the acquisition of Noble Voice.
 
 
 

The following information was filed by Professional Diversity Network, Inc. (IPDN) on Tuesday, March 31, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parathetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Acquisition Of Personnel Strategies, Inc.
Acquisition Of Personnel Strategies, Inc. (narrative) (details)
Acquisition Of Personnel Strategies, Inc. (schedule Of Purchase Price Allocation) (details)
Acquisition Of Personnel Strategies, Inc. (tables)
Acquisitions
Acquisitions (narrative) (details)
Acquisitions (schedule Of Intangible Assets And Goodwill) (details)
Acquisitions (schedule Of Pro Forma Information) (details)
Acquisitions (schedule Of Purchase Price Allocation) (details)
Acquisitions (tables)
Capitalized Technology
Capitalized Technology (details)
Capitalized Technology (tables)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Future Minimum Lease Payments) (details)
Commitments And Contingencies (tables)
Customer Concentration
Customer Concentration (details)
Customer Concentration (tables)
Description Of Business
Goodwill
Goodwill (details)
Goodwill (tables)
Income Taxes
Income Taxes (reconciliation Of Statutory Federal Income Tax Rate) (details)
Income Taxes (schedule Of Benefit For Income Taxes) (details)
Income Taxes (schedule Of Net Deferred Tax Assets) (details)
Income Taxes (tables)
Liquidity, Financial Condition And Management's Plans
Liquidity, Financial Condition And Management's Plans (details)
Note Payable - Related Party
Note Payable - Related Party (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Related Party Transactions
Related Party Transactions (details)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Restricted Stock Activity) (details)
Stock-based Compensation (schedule Of Stock Option Activity) (details)
Stock-based Compensation (schedule Of Stock Option Fair Value Assumptions) (details)
Stock-based Compensation (schedule Of Unvested Stock Options) (details)
Stock-based Compensation (schedule Of Unvested Warrant Activity) (details)
Stock-based Compensation (schedule Of Warrant Activity) (details)
Stock-based Compensation (schedule Of Warrant Fair Value Assumptions) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Fair Value Measurements) (details)
Summary Of Significant Accounting Policies (schedule Of Potentially Dilutive Securities) (details)
Summary Of Significant Accounting Policies (schedule Of Short-term Investments) (details)
Summary Of Significant Accounting Policies (tables)
Warrant Liability
Warrant Liability (schedule Of Change In Fair Value Of Level 3 Financial Liabilities) (details)
Warrant Liability (schedule Of Warrant Liability Valuation) (details)
Warrant Liability (tables)
Ticker: IPDN
CIK: 1546296
Form Type: 10-K Annual Report
Accession Number: 0001214659-15-002738
Submitted to the SEC: Tue Mar 31 2015 5:25:17 PM EST
Accepted by the SEC: Tue Mar 31 2015
Period: Wednesday, December 31, 2014
Industry: Computer Programming Data Processing

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